Bybit and Kraken both launched 1:1 equity-backed SpaceX exposure via xStocks, joining Coinbase International and BitMEX in a four-venue race that now splits between synthetic perpetuals and regulated tokenized equity issued by Backed Assets (JE) Limited.
Bybit and Kraken both launched tokenized SpaceX exposure through the xStocks framework last week, bringing the number of venues offering pre-IPO SpaceX products to at least four.
The two additions follow Coinbase International’s USDC-settled synthetic perp on June 4 and BitMEX’s USDT-margined perpetual on June 5, but differ in structure: xStocks tokens are backed 1:1 by the underlying equity in regulated custody, not settled against a cash index.
SpaceX perpetual open interest across venues has reached $280 million, per figures cited in recent reporting. Kraken’s parent Payward separately reported that the xStocks network has processed more than $25 billion in total transaction volume since launch, across 50-plus integrated platforms.
The xStocks Issuer and Legal Structure
xStocks are issued by Backed Assets (JE) Limited, a Jersey private limited company that became a Payward subsidiary in December 2025. Each token is backed 1:1 by the underlying share, held in third-party regulated custody. In the EEA, the product is offered via Payward Europe Digital Solutions (CY) Limited, authorized by the Cyprus Securities and Exchange Commission under MiFID II. Outside the EEA, distribution runs through Payward Digital Solutions Ltd., licensed by the Bermuda Monetary Authority.
Kraken customers in more than 110 supported countries, including the EEA, can register interest in the SpaceX IPO to receive SPCXx, a tokenized representation of SpaceX equity, at the offering price on listing day. The token then trades 24/7 on Kraken and compatible DeFi venues.
Kraken also listed a separate pre-IPO perpetual contract (PF_SPCXXUSD) on June 7 at 10:00 a.m. UTC, offering up to 5x leverage on a multi-collateral flex margin. Pricing uses a proprietary Kraken PreMarket Synthetic index, exponentially smoothed and clamped to within ±0.25% of mark to limit liquidations in a thin pre-IPO book. Kraken intends to convert PF_SPCXXUSD to xStocks-based pricing at the IPO.
Bybit’s xStocks launch was confirmed by the xStocks network and by Emily Bao, Bybit’s Head of Spot: “By listing tokenized equities and ETFs, we’re not just adding new products, we’re empowering our users with greater choice, deeper flexibility, and more control… xStocks was the clear choice.”
Mechanics Across the Four Venues
The four products split into two structural categories. Coinbase International’s SPCX-PERP and BitMEX’s SPCXUSDT are cash-settled perpetual futures — no equity transfer, no share custody, no built-in post-IPO conversion path. Kraken and Bybit’s xStocks tokens involve Backed Assets (JE) Limited issuing tokenized equity against shares in regulated custody, with a defined conversion to post-IPO equity pricing.
All four venues exclude US persons. The xStocks products also bar UK, Canadian, and Australian users.
Payward indicated that SpaceX will not be the last IPO offered through the xStocks framework. Additional listings are expected in the coming weeks.
